Goldman Sachs downgraded by analyst Mike Mayo

NEW YORK (MarketWatch) -- Goldman Sachs Group Inc.
GS, -1.86%
was downgraded to an outperform from a buy rating by Mike Mayo, analyst at CLSA on Tuesday, after the firm reported second-quarter earnings. Mayo increased estimates and the price target for the stock to $185, but was not confident on much upside to keep the stock at a buy rating. Mayo also points to the firm taking risk with trading and principal investments, as well as potential risks from market influenced activities, cyclical headwinds, market volatility, continued regulatory and global economic uncertainty. Goldman Sachs reported profit jumped to $1.93 billion, or $3.70, up from $962 million, or $1.78 a share from the same quarter last year. Goldman Sachs shares were down 1.55% in afternoon trading.

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